Why you should consider a secured personal loan

Poor credit has disqualified a lot of people from being able to access traditional credit lines such as personal loans. 

Here are a few things to keep in mind if you are thinking about a secured loan for bad credit.  If your credit is really bad and you cannot get an unsecured personal loan then some type of secured finance may be your only option in this instant. There is always the option of a payday type cash advance 

loan. 

Another finance option worth considering if you own any type of vehicle is a car title loan or if you are in the UK a logbook loan. With this type of loan, you are offering your car as security for the loan. They interest rates on this type of V5 finance is very high but you can in some instances secure up to 50% of the value of your car in 24 hours or less. See: http://logbookloanfinance.co.uk

It always pays to shop around for the best offers on any type of loan but with high-interest bad credit loans, it’s a must.  Be sure read the fine print which means all the terms, conditions, and fees.  If you have any doubts or do not understand any part of the loan agreement, get it clarified before you sign. Seek independent advice if necessary.

A V5 sample logbook.

My Dream Cars

Using a Car Finance Calculator to get the best deal

A car finance calculator is a calculator that gives potential buyers an estimate of the monthly repayments on a new or used car. This tool is only meant to be used for illustration purposes only. It should be noted that the best way to find out the actual cost of the finance you require is to visit your bank or an online lender and apply directly. These calculators are also great tools to use when you are first deciding what type of automobile you can afford. The more information you have at hand the better before you visit your bank or the car dealership.

Using a Car finance calculator 

Using any finance calculator is a great way to estimate what your month payment amount would be by imputing a few numbers into the calculator. Knowing before you start what your budget is will ensure you will not ending up spending more than you can afford. This can also help you avoid getting sold a more expansive car than you can afford by the dealer. Utilizing a vehicle finance calculator is a great way to save time and also possibly save money also.

Your first step when using a auto finance calculator is to enter the estimated monthly payment you can afford each month. Then enter the term of the loan followed by the down payment if any and the estimated value of any trade in again if this applies. The calculator will then give you an approximate idea of the total amount you can spend on a new vehicle.

Alternatively you can input the total price of the car plus any down payment and again the estimated value of trade in and the term of the loan and get an estimate of the monthly cost of the finance. You can also play around with the figures like the term to arrive at an affordable monthly cost. The vehicle finance calculator will typically also give you an idea of the additional cost of payment protection on the loan

Car finance calculator limitations

As previously stated there are limitations to any finance calculator and they should only be used to give you an estimated of the monthly cost of auto finance. The trade allowance you will get on your existing car is just an estimate and will vary in practice from dealership to dealership. The APR or annual percentage rate will vary depending on whether you are buying a brand new vehicle or a used one.

All in all despite the limitations a car finance calculator is a useful tool which you should take advantage of whenever you are considering a new purchase.


Here is how to calculate you car payment manually.

See Yahoo for an example calculator and Wikihow for more information